Everfi Financial Literacy Review

Front

Which of the following statements about check cashing companies is TRUE?
- They have limited operating hours during the day.
- They sometimes offer free services.
- They charge high fees.
- They delay when you can access your cash.

Back

They charge high fees.

Front

Which of the following financial institutions typically have the highest fees?
check cashing and payday loan companies,
credit unions,
brick-and-mortar banks,
internet banks

Back

check cashing and payday loan companies

Front

Which of the following statements about check cashing companies is FALSE?
- They offer bad deals where you will owe a lot more than you borrowed.
- They charge low fees.
- They can take a percentage of your check on top of fees.
- They make it easy to fall into a loan cycle that is hard to get out of.

Back

They charge low fees.

Front

Which type of bank account typically offers the least, if any, interest? Options: checking account, savings account, money market account, certificate of deposit (CD)

Back

checking account

Front

Savings accounts typically offer more interest than what type of account?

Back

checking account

Front

Which type of bank account is best for everyday transactions?

Back

checking account

Front

A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily.

Back

True

Front

Which savings account will earn you the most money? Options: one that compounds interest daily, one that compounds interest monthly, one that earns simple interest daily, one that earns simple interest monthly

Back

one that compounds interest daily

Front

What should you do before you withdraw money from the ATM?

Back

Inspect the ATM to make sure it wasn't tampered with.

Front

What should you do before you use an ATM?

Back

Inspect the ATM and its surroundings to make sure it is safe to use.